Prada Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Prada through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Prada Product Strategy:
Prada is known for its sophisticated, luxury products available for men and women in all target segments. They have a wide range of high end ready to wear clothes, leather goods, eye wear, fragrances, home products, footwear, watches and clothing for both men and women, which for the marketing mix product strategy. Prada has an exclusive jewelry, cosmetics and handbags sector for women. They even have children’s clothing line and Miu Miu line of products for younger segment. Prada provides a sports and lifestyle line under the Linea Rossi brand. Prada have also explored a partnership in the mobile phone sector with LG Electronics. The perfume sector has ranges namely La Femme Prada, L’Homme Prada, Olfactories and Les Infusions under inconic scents, Prada Candy and Prada Amber for women, Prada Luna Rossa for men and Amber Pour Homme all under the Puig brand.
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This concludes the product strategy in Prada marketing mix & strategy.
Prada Price/Pricing Strategy:
Below is the pricing strategy in Prada marketing mix strategy:
Prada has a premium pricing in its marketing mix strategy owing to their luxurious line of products. As they have a high brand value and quality they can charge a high price as customers won’t be hesitant to buy these expensive products.
Prada bags have varying prices from $300-$3000, Clothing from $200-$2000, Shoes from $300-$700, Sunglasses from $200-$300, Fragrance from $50-$200, Skin Care from $50-$200, Accessories like gloves, caps, belts from $200-$400, etc. The prices vary accordingly based on the country. Prada prices are much higher compared to Gucci and Louis Vuitton yet they have maintained high market share. Prada has an annual revenue which exceeds more than $4 billion.
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Prada Place & Distribution Strategy:
Following is the distribution strategy in the Prada marketing mix:
Prada ensures its brand presence matches the essence of the brand. Prada has hired renowned and internationally acclaimed architects Rem Koolhaas and Herzog & de Meuron to design their flagship stores called “Prada Epicentres” at various locations. These stores were designed to give customers a unique Prada experience. The first epicenter was opened on Broadway in New York and is the most successful of all contemporary stores globally. They also have flagship stores at Australia, Indonesia, India, Canada, Austria, U.K, Germany, Hong Kong, South East Asia, Russia, Europe, U.A.E and U.S.A. They have their products available at various boutiques in malls, megastores and multi-purpose buildings all over the world. They opened the largest boutique at Mall of the Emirates, Dubai. Prada has over 618 boutiques worldwide with the oldest one in Milan, Italy. The Prada Foundation acquired Ca’ Corner della Regina, a 13th century palace in Venice and converted it into an exhibition space. Besides, stores they also have online presence via their own e-store as well as famous e-commerce sites. The Prada website is a comprehensive ecommerce store which allow users to purchase its products globally. The brand is also present on several multi-brand ecommerce platforms, allowing users to shop online.
This explains Prada's place & distribution marketing mix strategy.
Prada Promotion & Advertising Strategy:
The promotional and advertising strategy in the Prada marketing mix is as follows:
Prada have always focused in innovation and creativity and they have always come out with different ways to promote their brand. They have always adopted an aggressive marketing mix promotional strategy to promote their brands. Prada has their own website portraying each of their products with full details ensuring customers get appropriate information about a particular product. Prada conducts fashion shows which proved to be very productive and persuasive especially in the fashion industry. They had a number of runaway shows that had music designed by a famous French artist alongwith various Prada models and actors who later also appeared in their ad campaigns creating a stronger impact on customers. They also had various ads on Magazines like Vogue and Elle. Miuccia Prada organized a travelling art gallery to connect with the younger generation that she targeted through her Miu Miu brand. The Prada group is doing their part to safeguard the environment as well as took part in a charity event in Milan towards Breast Cancer prevention. With all these promotional activities they have managed to create a strong presence across the globe. Hence, this concludes Prada marketing strategy & marketing mix.
About Prada:
Prada was founded by Mario Prada in 1913 in Milan, Italy as a luxury fashion house located at Galleria Vittorio Emanuele II. Prada mainly specializes in handbags, shoes, ready-to-wear, travel accessories, perfumes and other fashion accessories. They now operate in eyewear, mobile phone and fragrance sectors as well. The business started off as just a handbag brand but later expanded as Mario Prada’s granddaughter Miuccia Prada joined the company in 1970 introducing new varieties like clothing lines and shoes under the brand. She later met Patrizio Bertelli in 1977, married him a few years later and together they kept bringing introducing new chic lines like the ready-to-wear, narrow belts and dropped waistlines categories in the existing brand portfolio but always maintained its quality, sophistication and luxury amongst its customers.
Miuccia started targeting younger generation setting new trends under the Miu Miu brand. Prada’s popularity thus skyrocketed owing to its fabrics, colors and clean lines.
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